The Real Deal New York

Posts Tagged ‘joseph sitt’

  • Joseph Sitt and a rendering of 520 Fifth Avenue (credit: Handel Architects)

    Joseph Sitt and a rendering of 520 Fifth Avenue in Midtown (credit: Handel Architects)

    Joseph Sitt’s Thor Equities sold a Midtown development site at 520 Fifth Avenue to Ceruzzi Properties and Shanghai’s SMI USA for $275 million, after purchasing it for $150 million in 2011.

    Ceruzzi, a Fairfield, Conn.-based real estate investor, plans to follow through with Sitt’s plans for a 71-story residential, hotel and retail tower on the site, according to Bloomberg. The plot, which has approximately 300,000 buildable square feet, sits between 43rd and 44th streets and has been vacant since Sitt demolished two prewar buildings that were there when he purchased the site. [more]

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  • joesittandrewheibergerannazarro

    From left: Joseph Sitt, Andrew Heiberger and Anna Zarro

    UPDATED, 6:41 p.m., June 12: Anna Zarro, Town Residential’s senior vice president of development marketing and leasing, resigned on Friday morning, The Real Deal has learned. [more]

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  • Joseph Sitt

    Joseph Sitt

    Joseph Sitt, founder and CEO of Thor Equities, said global conflict and instability have made Western Europe and the United States more attractive to real estate investors. “Will the Middle East conflict spread beyond the five countries fighting today?” Sitt asked during a Monday appearance on Fox Business’ “Risk and Reward with Deirdre Bolton.” See the video after the jump.

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  • AndrewHeibergerJoeSittJamesCorcoran

    From left: Andrew Heiberger, Joseph Sitt and James Corcoran

    James Corcoran, Town Residential’s controller, left the company after less than a year on the job.

    Corcoran gave notice several weeks ago and his last day was Wednesday, sources said. [more]

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  • Sitt 180 Bedford

    Left to right: Thor’s Joe Sitt and 176-180 Bedford Avenue

    UPDATED, 6:10 p.m., April 17: Joseph Sitt’s Thor Equities is in contract to buy a Williamsburg development site for $36.1 million, The Real Deal has learned. The parcel at 180 Bedford Avenue allows for a total of 7,200 buildable square feet, plus another 7,200 square feet of roof and basement space. (Note: Correction appended) [more]

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  • Joseph Sitt, 220 West 57th Street and Sandeep Mathrani

    From left: Joseph Sitt, 220 West 57th Street and Sandeep Mathrani

    Joseph Safdieh’s Safka Holdings is suing Joseph Sitt’s Thor Equities and General Growth Properties, claiming he was bilked out of purchasing a prime piece of real estate on West 57th Street. Safka is asking the court to terminate Thor’s contract and is looking to get back into the deal. [more]

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  • Rubin Schron and 30 Park Avenue

    Rubin Schron and 30 Park Avenue in Murray Hill

    UPDATED, 6:11 p.m., March 18: Rubin Schron’s Cammeby’s International has taken a majority stake in 30 Park Avenue, which closed yesterday for $194 million. Joseph Sitt’s Thor Equities Residential went into contract to buy the 241-unit Murray Hill building in December, as The Real Deal first reported, and still holds a stake in the property, according to a source familiar with the company. [more]

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  • From left: Alan Klein, Joseph Sitt, 98 Morningside Avenue and Steven Vegh

    From left: Alan Klein, Joseph Sitt, 98 Morningside Avenue and Steven Vegh

    Joseph Sitt’s Thor Equities Residential just closed on 98 Morningside Avenue, a 48-unit rental building on the corner of West 123rd Street. Thor paid $21.6 million, or about $328 per square foot, for the 65,800-square-foot, seven-story property. [more]

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  • gladstone

    From left: Robert Gladstone, Gary Barnett and 212 Fifth Avenue

    UPDATED: 4:56 p.m., Jan. 14: An office building at 212 Fifth Avenue, the crown jewel of the Ring portfolio in Midtown South, will be converted into a residential project with 48 apartments, according to a permit application filed with the city today. Although Gary Barnett’s Extell Development officially owns the building and is listed on the permit, sources said the 220,000-square-foot, 24-story property is in contract to sell to Joseph Sitt’s Thor Equities for $260 million. Robert Gladstone’s Madison Equities and real estate investment firm Building and Land Technology (BLT) are also buying a stake in the property.  [more]

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  • From left: Joseph Sitt and 1114-1120 Madison Avenue

    From left: Joseph Sitt and 1114-1120 Madison Avenue

    Continuing his buying frenzy, Joe Sitt has acquired an Upper East Side retail co-op for $42.3 million. The deal closed yesterday, according to sources close to the negotiations. [more]

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  • 1710 Broadway (Credit: agorafy)

    1710 Broadway (Credit: agorafy)

    Spurred by development properties commanding upwards of $1,000 per square foot in recent months, some of the city’s biggest landowners are sensing a bright opportunity to sell. Three major development sites have hit the market in the past week, led by Joseph Sitt’s 520 Fifth Avenue, a site at the corner of West 43rd Street that Thor Equities spent the past year preparing for development of a retail, hotel, and residential space. [more]

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  • From left: Joseph Sitt, Chelsea Court at 250 West 19th Street (Credit: CityRealty) and Jonathan Fishman

    From left: Joseph Sitt, Chelsea Court at 250 West 19th Street (Credit: CityRealty) and Jonathan Fishman

    UPDATED, 4:18 p.m., Jan. 5: Joseph Sitt’s Thor Equities Residential is in contract for the purchase of the Caiola family’s entire apartment building portfolio for nearly $800 million, The Real Deal has learned. The mammoth deal for Caiola’s 800,000-square-foot rental portfolio is the biggest yet for Thor’s nascent residential arm and positions the firm as a major apartment landlord with more than a billion dollars in holdings. [more]

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  • Town reports $1.9B in 2014 business

    December 30, 2014 04:00PM
    From left: Andrew Heiberger and Joseph Sitt

    From left: Andrew Heiberger and Joseph Sitt

    Despite behind-the-scenes drama, Town Residential turned in a solid financial performance in 2014.

    According to numbers provided by Town, the brokerage generated $1.86 billion in total sales and leasing volume, representing a 15.6 percent increase over 2013. In all, the firm closed 1,148 sales with an average price of $1.6 million, and it completed 3,775 leases with an average rent of $4,499. [more]

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  • 520-fifth-thor

    From left: Joseph Sitt, old rendering of 520 Fifth Avenue and current site

    Joseph Sitt’s Thor Equities filed its first plans for a tower slated to go up at 520 Fifth Avenue, showing it will rise 71 stories and 920 feet. [more]

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  • Town tears it up at TAO: PHOTOS

    December 12, 2014 01:30PM
    Clockwise from left: Andrew Heiberger and Joseph Sitt; Jordyn Honigfeld, Wendy Maitland and Reya Benitez; and Brett Solomon and James Corcoran

    Clockwise from left: Andrew Heiberger and Joseph Sitt; Jordyn Honigfeld, Wendy Maitland and Reya Benitez; and Brett Solomon and James Corcoran

    A Town Residential broker recently rhapsodized that “Andrew Heiberger is to Town what Caesar was to Rome.” That remains to be seen, but what is evident is that the firm’s first holiday party with Heiberger back at the helm did evoke images of an empire in full swing. Click here for a slideshow and the full story.

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  • Joe Sitt and 30 Park Avenue (Building photo credit: CityRealty)

    Joe Sitt and 30 Park Avenue (Building photo credit: CityRealty)

    Joseph Sitt’s Thor Equities is making its biggest residential deal yet, paying $181 million for a rental building at 30 Park Avenue in Murray Hill, The Real Deal has learned. [more]

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  • Jeff Appel ousted at Town: sources

    October 01, 2014 02:44PM
    From left: Andrew Heiberger and Jeff Appel

    From left: Andrew Heiberger and Jeff Appel

    UPDATED, 3:00 p.m., October 1: On the same day that Andrew Heiberger made a dramatic return as CEO to Town Residential, president and COO Jeff Appel was terminated, sources told The Real Deal. [more]

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  • Andrew Heiberger returns as CEO of Town

    October 01, 2014 11:05AM
    From left: Andrew Heiberger and Joseph Sitt

    From left: Andrew Heiberger and Joseph Sitt

    Andrew Heiberger is retaking the reins at Town Residential, replacing business partner Joseph Sitt as CEO, effective immediately.

    “From the beginning, Andrew has led the way in establishing a new degree of excellence on behalf of our clients and representatives,” Sitt and Heiberger said in an email sent to Town’s staff this morning that was shared with The Real Deal. “In the coming months and years, you can expect to see even more, as we continue to cement our reputation as the leading light in New York residential real estate.” [more]

    24 Comments
  • From left: Joseph Sitt, 840 West End Avenue on the Upper West Side and Steven Vegh

    From left: Joseph Sitt, 840 West End Avenue on the Upper West Side and Steven Vegh

    UPDATED, 10:30 a.m., September 24: Joseph Sitt’s Thor Equities just picked up a rental building on the Upper West Side for $37.4 million, The Real Deal has learned. The deal for the 47,800-square-foot property at 840 West End Avenue comes with 13,000 square feet of unused air rights, and is the fourth acquisition in the neighborhood for Thor’s new residential division. [more]

    12 Comments
  • laguardia

    LaGuardia Airport and Joseph Sitt

    The Port Authority of New York and New Jersey has pushed back its selection of a team to redevelop the Central Terminal at LaGuardia Airport.

    The teams in the running are Lend Lease, Macquarie Capital Group, Turner Construction and Hochtief AirPort GmbH; O&G Industries, Zachry Construction, Kohn Pedersen Fox and Ove Arup & Partners; and Skanska, Vantage Airport Group and Parsons Brinckerhoff. The board meeting, slated for later this month, will instead occur Oct. 22. [more]

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